Posted by Kirsten Gibbs Last updated 13th January 2023 reading time
It may not feel like it, but regulation is simply another form of feedback for your business. It just happens to be the kind of feedback you are not allowed to ignore.
Think of it as feedback from your industry. Lessons learned by others that can save you grief. Of course not all of it is designed to help your business, sometimes it's the result of bigger players flexing their muscle in the market, to make it harder for businesses like yours. Even that is useful feedback - telling you where the bigger players feel vulnerable. Use it to your advantage.
Since you can't ignore regulatory feedback, it pays to have a really clear Promise, and plenty of the other kinds of feedback coming in regularly, so that you can make sure the requirements of regulation can't unduly distort your unique way of making and keeping your Promise to the people you serve.
That means that as far as possible, compliance, like admin, needs to be a side effect of doing what you're here to do, not the other way around.
Of course you need to be compliant, but the regulator shouldn't come first.
